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Building on the success of previous editions, Economics, Twelfth Edition, has been thoroughly updated and revised. Rigorous yet also accessible to beginners, it provides comprehensive coverage of both introductory macroeconomics and microeconomics. The authors balance in-depth explanations of key theoretical concepts with a wide range of real-world examples drawn from around the globe. They incorporate numerous pedagogical features including highlighted definitions of economic terms, short revision questions, and updated end-of-chapter questions.

New to this Edition:

* Incorporates full coverage of the 2008 banking crisis and recession, featuring revised sections on banking, the financial system, and fiscal policy

* Integrates a broad range of international applied examples, including the cost of climate change, celebrity earnings, and global imbalances in the economy